The G7 countries agreed on a ceiling price for Russian oil

The G7 countries agreed on a ceiling price for Russian oil

The finance ministers of the G7 countries agreed on the maximum price for Russian oil.

This was reported by Sky News journalist Tamara Cohen on Twitter, as well as in an official statement by officials.

“G7 finance ministers agreed on a ceiling price for Russian oil during a virtual meeting this afternoon”she said.

«We reaffirm our shared political intent to complete and implement a comprehensive ban on services enabling the maritime transportation of Russian-origin crude oil and petroleum products worldwide“, says the joint statement of the G7 finance ministers, cited by the publication Bloomberg.

G7 to set price ceiling on Russian oil by early December – ReutersThe Big Seven wants to launch a price cap mechanism for Russian oil exports by December 5.
July 27, 2022, 5:22 p.m

«The provision of such services will only be permitted if oil and petroleum products are purchased at or below a price (the “price cap”) determined by a broad coalition of countries that observe and implement the price cap.“, the G7 reported.

The ministers said they plan to introduce price caps in line with the European Union sanctions against Russian oil, which are due to come into effect on December 5.

«The initial price cap will be set at a level based on a range of technical data and will be decided by the entire coalition prior to implementation in each jurisdiction“, says the statement of the ministers.

«Price restrictions will be publicly announced in a clear and transparent manner“, the ministers specified.

According to media reports, the G7 plan, which is part of a broader effort to punish Russia for its military invasion of Ukraine, will allow buyers of Russian oil at a capped price to continue to receive essential services such as financing and insurance for tankers.

Earlier, the head of the European Commission stated the need to establish a price ceiling for Russian gas.

We will also remind you that only half of the G20 countries joined the international sanctions imposed on Russia for its invasion of Ukraine.

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